Mark Lee on Significant Investments Review Bill

Businesses appreciate that the proposed Significant Investments Review Bill strikes a reasonable balance between national security needs and business priorities. It is not an omnibus legislation and will only be applied to a handful of designated entities critical to Singapore’s national security interests. NMP Mark Lee said this in Parliament on Tuesday (Jan 9). However, he also raised several concerns of the business community. First, greater clarity on the definition of national security as well as how often, and under what circumstances, the designated entities list will be updated. Second, solidifying processes and outcomes - for example, he pointed out that businesses may be subjected to scrutiny for an indefinite period even after transactions are completed, which is “not ideal” especially for higher-value transactions and investments. Third, businesses want a consistently open and consultative approach from the Government, including established timelines for responses and a transparent appeals process. Mr Lee said that addressing these concerns will help to ensure that the Bill does not inadvertently stifle growth and innovation.